Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.

The man who begins to speculate in stocks with the intention of making a fortune usually goes broke, whereas the man who trades with a view of getting good interest on his money sometimes gets rich.

The public, as a whole, buys at the wrong time and sells at the wrong time. The average operator, when he sees two or three points profit, takes it but, if a stock goes against him two or three points, he holds on waiting for the price to recover, with oftentimes, the result of seeing a loss of two or three points run into a loss of ten points.

In most bull markets there comes a time when the public controls fluctuations and the efforts of the largest operators are insufficient to check the rising tide.